Cardano Gains 5% But Hoskinson Still Warns Of ADA Giveaway Scams

Cardano gains 5% as the market consolidates but Charles Hoskinson, the founder of the platform still warns of ADA giveaway scams which dampened the consolidation slightly as we can see more in our latest Cardano ADA news.

Cardano is up 5% in the past day to $2.09 at the time of writing which makes it the biggest gainer in the top ten. At the same time, other larger caps are struggling to break out of the week’s market dip which coincided with the BTC rejection at $48,000. The past week we saw the price of Cardano rise by 16%, suggesting that despite the market consolidation, the investors remained bullish over the upcoming Alonzo rollout.

A major factor to Cardano’s performance this week is the deadline date for the Alonzo rollout. The developers at Input Output Global announced that the blockchain will hard fork in order to bring smart contracts to the network:

“It’s happening. We’re targeting 12 September 2021 for the ‘Alonzo’ upgrade, bringing smart contracts to Cardano via a hard fork combinator (HFC) event.”

The final phase, Alonzo purple started two weeks ago and is now at the culmination of months of coding and testing while it involves onboarding third parties like exchanges and wallet providers with the upgrades. Hoskinson reiterated warnings on the giveaway scams and as much as Cardano is building up to the occasion, IOH CEO Charles Hoskinson felt it was needed to revisit the issue of the giveaway scams.
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Hoskinson voiced concerns about scams many times but given the apparent ramping-up of the efforts, the issue seems to be snowballing in the recent times. In his latest posts on social media, Hoskinson said that the giveaway scams are a wide-reaching problem that affects the entire industry as it involves posting recycled video content hoping to return double the funds recieved from viewers. He said:

“This prays upon people’s greed, their stupidity, and in many cases their inability to properly speak English, lack of competency there.”

He continued to say that millions of dollars in the Cardano ecosystem are lost to giveaway scams every month and what’s worse, nothing can be done to return the funds:

“There is not a single day I don’t get an email about someone saying “hey, I sent you ADA, when are you sending it back?” And there’s nothing we can do about it.”

Cardano gains 5% but with Hoskinson’s comments, the movement seems to have been dampened. He blamed Google and Youtube as they are aware of the issue but they propagate the scams by allowing them to operate.